First Alliance Properties and JP Morgan has bought Octagon retail park in Hanley, Stoke-on-Trent, from the Lewis Trust Group.
First Alliance Properties and JP Morgan is thought to have acquired the 114,100 sq ft scheme for around £22.3m – a 7.5% yield – from Lewis Trust Group’s UK & European subsidiary.
The park, which has open A1 non-food and D2 leisure consent, is let to tenants including Bhs, Next, Mecca Bingo and JJB Sports.
Octagon retail park was brought to the market for £21.5m – a 7.8% yield.
Harvey Spack Field and John Miles acted for First Alliance Properties and JP Morgan; Cortex Partners advised the Lewis Trust Group.
Annabel.dixon@estatesgazette.com
